However, the Bill's ambition to encourage £110bn to update the UK's aging infrastructure, replacing power plants and establishing a legislative framework for delivering secure, affordable and low carbon energy has been welcomed by both industry and environmental groups.

At the centre of the Bill's investment drive is the Energy Market Reform (EMR), which aims to offer "stable and predictable incentives" for companies to invest in low-carbon generation.

Financial support for onshore wind was cut by £5/MWh from 2015 onwards compared to the draft strike prices, the level of support for offshore wind has been increased by £5 per megawatt hour, from £135/MWh to £140/MWh.

Large-scale solar photovoltaic projects, meanwhile, will receive £120 per MWh in 2014-16, dropping to £115 in 2016-17 and £110 in 2017-19.

Under the orignal draft strike prices, solar was expected to receive £5 more p/MWh up to 2018.

Following solar support cuts, electronics giant Sharp announced this week that it was closing its photovoltaic panel production operations at its facility in Wrexham - a result of difficult European market conditions.